AccTrak21 Announces New Investor/Director

FOR IMMEDIATE RELEASE

September 2, 2003 – Bermuda - AccTrak21, the global provider of accounting and business intelligence software for small to medium-sized businesses, announces that former J P Morgan senior executive, Ron Dewhurst, has joined the company as a non-executive director and investor.
In a lengthy career with J P Morgan, Dewhurst held a number of senior roles in Australia, Asia, Europe and the U.S., his most recent position as New York-based Head of Americas for the bank’s asset management group, J P Morgan Fleming Asset Management, responsible for overseeing more than US$500bn in assets. Since returning to Australia from New York in December 2002, Dewhurst has been assessing a number of investment and board opportunities, with AccTrak21 as his first post-J P Morgan venture.
Commenting on Dewhurst’s board appointment, Tim Loving, AccTrak21 founder and CEO, said: “We are pursuing a global opportunity, and are very pleased to have someone with Ron’s international experience, skills and network joining us. Ron has a strong understanding of the key strategic forces at play in the global economy, and is the perfect addition to our team.”
As well as joining the board, Dewhurst has invested in AccTrak21, and will lead the company’s efforts to complete its current funding round, focusing his energies on U.S. institutions.
Dewhurst commented that AccTrak21 satisfied all of his criteria for investment and board involvement, “The company has a global vision - a vision that is validated by the major structural shifts occurring in the applications software market and by AccTrak21’s strategic positioning.”
Dewhurst highlights AccTrak21’s globally unique, single application architecture, which provides small to medium-sized businesses with seamless scalability. He also points to AccTrak21’s fully integrated suite of feature-rich modules as evidence of the company’s commitment to development excellence: “Being in the lowest part of the industry cost curve means the company can price its enterprise quality solution at a level that all small and medium-sized businesses can afford. I am very impressed by the fact that AccTrak21 is the finest vendor in the world offering small and medium-sized businesses, and their accountants, a solution that includes fully integrated business analysis tools (such as OLAP) to facilitate better decision-making.”
Loving concluded by noting that his goal in founding AccTrak21 was to do something unique, “No one has done what we are doing. AccTrak21’s competitors are constrained in so many ways: they have built their business empires by mergers and acquisitions, and their different products provide little or no integration. Their products are mostly old technology and out of their depth, meaning they are being forced to do things they were not designed for. The result is poor product performance, and a large number of dissatisfied small and medium-sized business users. In short, our strategic positioning is excellent - I’m looking forward to taking on the big established players in this industry.”
In addition, AccTrak21 has appointed Andrew Varlamos, Senior Vice President, Corporate Development & Strategy, to the board.
AccTrak21’s most recent product release is a fully integrated practice management system for accountants. This system is currently being distributed across the U.S. by tax software vendor ATX ( http://www.atxinc.com ).
About AccTrak21
AccTrak21 designs and develops high quality, low cost, end-to-end solutions for small and medium-sized businesses. In addition to financials, AccTrak21’s suite of integrated features includes practice management for accountants, CRM, online banking, e-commerce, mobile commerce, manufacturing, distribution and pre-configured Business Intelligence tools (including OLAP). AccTrak21’s Business Intelligence tools enable accounting professionals to better understand their clients’ business performance and provide value-added advice and mentoring. The company’s mission is to offer high quality software at prices all small and medium-sized businesses can afford. More than 3,000 companies in 23 countries use AccTrak21’s software. For additional information on AccTrak21, including software features and benefits, email sales@AccTrak21.com or visit http://www.AccTrak21.com
For further information:
U.S. Contact
Kim Ilao, Director of Media Relations
AccountingVoice
Phone: 732-562-0800, ext. 119
E-mail: KimIlao@AccountingVoice.com
In Australia
Andrew Varlamos
AccTrak21
Phone: 61 412 232 713
E-mail: avarlamos@acctrak21.com

# # #

Printer Friendly

Email Page

Sponsor Message